Thursday, October 25, 2007

SABIC profits up for fifth consecutive quarter

Saudi Basic Industries Corp (SABIC) beat forecasts with a fifth consecutive record profit, as Q3 profits surged 37% to 7.4 billion riyals on higher price realisation and increased output. Profits this quarter were mainly supported by Asian demand, which is also projected to support prices of its chemicals and steel products next year, despite slowing U.S growth.

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